UK-based PropTech business Nested has raised £120m of new funding, bringing the total amount raised for the venture to $165m.
The company has raised £20m of equity finance from Northzone and Balderton Capital, while £100m of debt finance came from an institutional investor. Nested has planned to utilise the funding to scale its operation in the UK and launch a number of of new customer tools and services.
Founded in 2016, Nested provides cash advances on the value of the properties allowing second-time homebuyers speed-up up the process of moving home. Platform users are offered a guarantee price for their property, which is the minimum amount expected to receive for the house. If a house sells below the guarantee, Nested will cover the gap.
Northzone partner Jeppe Zink said, “Selling a home is the biggest and most important transaction most people undertake. Yet the sales process remains opaque, with the resulting never-ending property chains becoming the bane of the industry.
“I truly believe that Nested can be a fundamental game-changer and we are incredibly excited to be part of the journey.”
In October last year Nested raised £36m in a funding round led by Global Founders Capital, and a further $8m in round led by Passion Capital. The company also closed a £1.2m round from Passion Capital and Global Founders Capital.
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